Bank of America To Pay $12,000,000 Fine For Breaking The Law
It has been just revealed the fact that BoF is going to pay a considerable fine for repeatedly breaking the law. Check out the latest details about what happened below. BoF to pay a fine for breaking the law Bank of Amer...
It has been just revealed the fact that BoF is going to pay a considerable fine for repeatedly breaking the law. Check out the latest details about what happened below.
BoF to pay a fine for breaking the lawBank of America, one of the largest banking institutions in the country, is being fined millions of dollars by the Consumer Financial Protection Bureau (CFPB) for providing false information to federal regulators on multiple occasions.
The CFPB has stated that BofA has consistently violated the Home Mortgage Disclosure Act, which was implemented in 1975.
The act mandates lenders to maintain certain records and submit data concerning loan applications and originations to the CFPB, in order to protect consumers against predatory practices in the residential mortgage market.
The Consumer Financial Protection Bureau (CFPB) has accused several hundred Bank of America loan officers of neglecting their legal responsibility to ask mortgage applicants certain demographic questions.
The CFPB claims that the loan officers falsely reported that 100% of mortgage applicants opted not to provide their demographic data, instead of following up to get the required information.
This happened over a three-month period. Furthermore, the regulator asserts that Bank of America failed to ensure the accuracy of information provided by its loan officers on mortgage applications.
The CFPB claims that the lender’s loan officers were not collecting the required demographic information from mortgage applicants as early as 2013, but Bank of America chose to ignore this issue.
Says CFPB Director Rohit Chopra,
“Bank of America violated a federal law that thousands of mortgage lenders have routinely followed for decades. It is illegal to report false information to federal regulators, and we will be taking additional steps to ensure that Bank of America stops breaking the law.”
Besides the $12 million fine, the CFPB is requiring Bank of America to take measures that would stop its illegal data-collection practice, according to the latest reports coming from the Daily Hodl.
Original source
Read on CryptoGazetteRelated market context
Bitfinex Report Highlights Tokenization as the Key to Venezuela’s Economic Rebuild
In a recent report, Bitfinex Securities highlights the relevance of tokenization in modernizing and streamlining Venezuelan market...
Japan’s SBI is using XRP to solve a banking problem
SBI Shinsei Bank is reportedly offering crypto deposit rewards to customers, with vouchers worth 20% of their interest payments re...
Bitcoin’s $60,000 support is still a bet on the dollar breaking
Glassnode's latest Week On-chain report says Bitcoin has entered a deep discount phase, with over 95% of short-term holders underw...
Sam Bankman-Fried loses appeal against crypto fraud conviction
The ruling underscores the judiciary's commitment to equating crypto fraud with traditional financial crimes, setting a stern prec...
CFTC Sues New Mexico to Block State Gaming Laws From Reaching Federally Regulated Prediction Markets
The Commodity Futures Trading Commission filed suit Thursday in federal court against New Mexico, seeking to prevent the state fro...
CFTC sues New Mexico over federal jurisdiction infringement
The CFTC's legal actions could centralize prediction market regulation, impacting state autonomy and setting a precedent for feder...